2nd Annual Derivatives World Latin America

Hotel Unique, San Paulo, Brazil                                                    

07:45 Registration desk opens

08:00 Breakfast – sponsored by HSBC

Speaker: Sr Alberto Carlos Almeida
Director of Instituto Análise
Advisor of Public Opinion and Comunication for Public and Private Instituions
Writer of " A Cabeça do Brasileiro" and "A Cabeça do Eleitor"


09:00 Keynote address: Growth and development of the Latin American derivatives markets
Otavio Yazbek, Director, Comissão de Valores Mobiliários - CVM (Securities & Exchange Commission of Brazil)

09:20 Listed derivatives market update: Exchange heads panel discussion
Leading exchanges in the region share their visions for future

• Impact of the financial crisis
• New initiatives to attract customer flow
• Product development and innovation
• International access and participation: opportunities for investors to access international markets
• Incorporating the right technology

Moderator: Eduardo S. Martins, Head Institutional Sales, Santander
Jorge Alegria, CEO, MexDer
Ismael Caram, COO, ROFEX
Gustavo Picolla, CEO, MATba
João Lauro Amaral, International Business Development Officer, BM&F Bovespa


10:05 Legal panel: Putting the regulatory infrastructure in place to develop derivatives markets

• The regulatory response to the global financial crisis: practical impacts on the market of calls for greater transparency and disclosure of derivatives products
• Is successful self-regulation possible? Implementation of best practice and professional codes of conduct, particularly in the OTC sector.
• What level of protection do participants need and how should this be put into practice?
• Cross boarder transactions: unification of Latin American markets
• Tax issues and consideration

Moderator: Ricardo Mourao, Partner, Velloza, Girotto e Lindenbojm
Otavio Yazbek, Director, Comissão de Valores Mobiliários - CVM (Securities & Exchange Commission of Brazil)Alejandro Vanoli, President, Comisión Nacional de Valores, Argentina
Marcelo Giufrida, President, ANBIMA - Brazilian Financial and Capital Markets Association
Ricardo Fandiño, Partner, Gómez-Pinzón Zuleta Abogados S.A. (Columbia)

10:50 Morning Coffee

11:20 Advances in collateral management and OTC derivatives in the Brazilian financial market

• Update: The CETIP / SELIC collateral management project for OTC derivatives
• Participation in practice: using government bond assets as collateral for OTC derivatives trades
• Examining the future for the market – what trading opportunities will be presented and how existing products will interact with the new collateral management system.
• Getting the right technology in place

Moderator: Jorge Sant’Anna, Head of Business Development, CETIP
Sergio Odilon dos Anjos, Deputy Head of Financial System Regulation Department, Central Bank of Brazil
Marcelo Maziero, Head of Derivative Sales, Bank Itau (and representative of FEBRABAN)

12:00 The growth of the Mortgage Markets in Brazil and its implications on the Interest Rate Derivatives Markets
Presentation by: George Nunn, Head of interest Rates & FX Structuring, BNP Paribas

12:40 Lunch – sponsored by BNP Paribas

14:10 Corporate treasurers’ panel discussion: Derivatives as key hedging tools

• Identification and Measurement of Corporate Risks
• Scenario definition and implications on Hedge strategies
• Decision process on Corporate Hedge
• The cost of hedging
• Impact on investor relations
• Regulation of operations

Moderator: Mauro C. Albuquerque, Head of Corporate Sales, Santander
Cynthia M. F. Benedetto, Finance Director, Embrear
Fernando Andrade, Finance Manager, TAM Linhas Aéreas S/A
Bernardo Clemente, Head of Treasury, Companhia de Concessoes Rodoviarias
Fernando Tennenbaum, Head of Treasury, Ambev
Alexandre Freitas, Finance Manager, Suzano


14:55 Accounting for derivatives: FX Hedging and FRS 139

• Understanding the financial impact of hedging activity
• Derivatives and hedge accounting
• Cash flow & fair value hedges
• Economic and accounting viewpoints
• Transactional hedging accounting

16:00 Agriculture and soft commodities

• Mark to market of physical positions, sources, is there any reliable provider of prices?
• Addressing concerns of price manipulation
• Managing basis risk on commodities
• Derivatives strategy for different end user groups
• Commodity market scenarios after the crisis
• Key products for market development: focus on soy and sugar

Presentation by: Guilherme Magalhães Fagundes, Metal, Energy and Environmental Products Manager, BM&F Bovespa

16:40 Managing exposure to interest rate risk

• What changes in strategy are required post financial crisis
• Eliminating interest rate volatility for corporate treasurers
• Taking advantage of interest rate moves: volatility to enhance yield
• Swaps, options and structured products
• Managing multinational assets
• Inflation and hedging

Moderator: Marcelo Lara, Head Of Structuring, Santander
Senior representative, Bank of America Merrill Lynch
Fabio Jacob, Head of Fixed Income Structuring Brazil, BNP Paribas Brasil
Paulo Roberto Arcoverde Barbosa, Finance Manager, ALL Logistica
Sandro Sobral, Treasury Strategist, Santander

17:30 Close of conference